Latin America ultralight and light aircraft market was estimated to be worth more than US$105 million and is projected to grow substantially in the near future
Ocean View, DE -- (SBWIRE) -- 05/04/2020 -- Middle East & Africa (MEA) ultralight and light aircraft market is predicted to record a CAGR of nearly 6.9% during the analysis timeframe. This growth can be mainly linked with a considerable rise in the number of HNWIs along with a proliferating tourism sector. Increasing number of airshow events in the region, growing interest of people, and increased participation of several industry players such as Pilatus Aircraft Ltd., will drive the regional growth.
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Key Companies: - Aeropro s.r.o, Airbus, American Legend Aircraft Co., Autogyro GmbH, Cirrus Aircraft, Costruzioni Aeronautiche TECNAM S.p.A., Dynali, Evektor, spol. s r.o., Flight Design general aviation GmbH, P&M Aviation, Pilatus Aircraft Ltd, Piper Aircraft, Inc., Pipistrel d.o.o, Quicksilver Aircraft, Robinson Helicopter Company, Textron Inc, Vulcanair S.p.A
Latin America ultralight and light aircraft market was estimated to be worth more than US$105 million and is projected to grow substantially in the near future. Surging demand for small business jets is driving majority of this growth. Technological developments, improved performance of small business jets, and a flourishing tourism sector will offer lucrative opportunities to regional players.
Global ultralight and light aircraft market is expected to record lucrative growth over the forthcoming years. This can be largely attributed to ongoing developments in the aviation sector growing focus on the development of advanced urban mobility solutions. Surging demand for smaller business jets and the growing popularity of private jets will fuel ultralight and light aircraft market trends in the near future.
Considering the aircraft type, ultralight aircraft segment is poised to record a CAGR of more than 7.9% through 2026. An increasing number of pilot training institutes are replacing aging training aircraft fleets with new ultralight carriers. A significant increase in recreational aviation in addition to rising number of aviation clubs around the world will drive the demand for ultralight aircrafts.
Based on the technology, the ultralight and light aircraft market can be bifurcated into CTOL and VTOL. Conventional takeoff and landing (CTOL) technology segment is anticipated to dominate global ultralight and light aircraft industry with more than 80% share throughout the study period. This can be mainly attributed to the availability of a rich portfolio of CTOL light and ultralight carriers at different price ranges. In addition, escalating demand for luxurious cabins in aircrafts along with growing adoption of numerous safety features will foster the segment growth.
Global ultralight and light aircraft market, in terms of propulsion mechanism, can be segmented into conventional and electric/hybrid. Conventional propulsion segment captured a dominant 95% revenue share in the market and is anticipated to experience lucrative growth in the forthcoming years.
Superior performance of these carriers in terms of power and efficiency and the availability of limited alternatives is driving their demand. Ongoing technological advances to further enhance the fuel-efficiency and performance of these systems coupled with various initiatives to simplify flight operations will augment the ultralight and light aircraft market growth.
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On the basis of applications, the market is classified into military and civil & commercial. Military application segment is poised to witness a health growth rate of more than 6.7% through 2026 due to limited use of these aircrafts compared to civil & commercial applications. However, growing utilization of these aircrafts by military organization for pilot training and other smaller operations across military fields will foster the overall ultralight and light aircraft market forecast.
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